Custody/clearing  
INTESA SANPAOLO    
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ITALY - Capital Market Infrastructure Summary

Central Securities Depository
Monte Titoli S.p.A

Central Counterparty
Cassa di Compensazione e Garanzia

BIS Model
Model 1: Most of the daytime cycle
Model 3: Overnight batch

Settlement Cycle
T+2

T2S
Monte Titoli was set to migrate to T2S in the first wave (22 June 2015) but this was delayed to 31 August 2015.

Comment
Monti Titoli acts as the CSD for Equities, ETFs, Government bonds, Corporate bonds, T-bills, Investment funds, Rights and warrants.

Key terms defined in our glossary:

Central Securities Depository
Central Counterparty
BIS Model 1
BIS Model 3
Settlement Cycle
TARGET2-Securities (T2S)

 
The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.